Of all the global technological advancements and innovations unfolding in real-time, Big Data in conjunction with Predictive Analysis has experienced great momentum. In the current Internet of Things (IoT) era, the mushrooming of smart sensors, consumer-level devices, and interconnected systems are generating, collecting, and transferring bulk volumes of data that is changing the way businesses must operate, for industries as well as individuals. Predictive analytics in business is the latest trend in the market bringing in directed traffic to your model.
With a potential to be extracted for relevant information, any voluminous amount of structured or unstructured data, could unfold in exciting ways and directly impact our lives, making effective use of precision technologies. Such precision technologies give us incredible insights into the process and decision-making ideologies, ultimately resulting in a massive increase in productivity with a drastic cost reduction. Thus, the use of advanced analytics to forecast future events using a wide variety of techniques, such as data mining, machine learning, statistical algorithm and artificial intelligence sums up the process of predictive analysis. From knowing what has already happened to anticipating what happens next, predictive insights yield higher and more accurate results in areas such as healthcare, marketing, finance, manufacturing, academics, businesses, extended to limitless possibilities.
One of the major mainstream beneficiaries of rightly embracing the predictive analytics to increase its sales by up to 30% is the e-commerce giant Amazon. Studying the behavior of its potential customers through social media channels, online activities of website visitors and providing suggestions across interests, Amazon has successfully gathered, processed and analysed the key features to its major sales. Similarly, manufacturers monitor car performance and alert drivers to potential threats. Energy companies, medical professionals, various startups, farmers incorporate analytics to improve their services as well as user experience.
Why Predictive Analytics matters for your Business:
Data that can be readily used for analysis allows beneficiaries to be more proactive and thrive in future predictions based on past data and not on traditional presumptions.
Prediction helps acknowledge a not-too-late methodology, thus saving on the cost of a delayed processing that comes with an additional cost to it in most of the cases.
With the precision of the desired outcome, predictive analysis saves on any misallocated resources, further saving on both cost and time
Capitalise on future trends with predictions based on new developments and customer acquisition models
Improved Operations (Quality and functionality):
Industries offering variable daily pricing, like airlines and hospitality, use this technology in their decision-making process, thus functioning more efficiently
Helps in Fraud Detection:
With the increased cyber threats and criminal activities ruling over, methodologies relating to multiple layer analytics help recognise such frauds and eventually detect and prevent any sort of vulnerabilities
Respond to challenges before they come with the help of predictive analysis in real-time business
Optimise Marketing campaigns:
With the help of determining customer behavior, predictive modeling creates and retains profitable users from the marketplace.
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